3 Steps to Take When Applying for a Merchant Cash Advance
If you’re a small business owner that needs working capital, you should consider applying for a merchant cash advance.
Applying for a merchant cash advance is a relatively simple process. However, it’s crucial that you understand the application process, daily or weekly remittance schedule, and other components prior to applying.
Step 1: Research Cash Advance Providers
Prior to submitting a merchant funding application, you should compare different merchant cash advance companies.
At Accelerated, we work hard to keep our Merchants in Business. We will go over all your options with you, but we will never put you in a program that will jeopardize your business.
Step 2: Submit Your Cash Advance Application
Applying for a merchant cash advance is fairly straightforward. We will need to review your business’ current financial situation, including:
Your total income
Typical credit card transactions
Projected future performances
We’ll also want to know information about your company structure (LLC, corporation, etc.) and general financial history.
A bad credit score may not hurt your ability to qualify, we consider other financial factors when evaluating applications. Most notably, we’ll review your bank statements and business profitably, and industry potential for future business.
Step 3: Review the Prospective Contract
Once you receive your qualifying status, we will send you a finalized financing contract. As is the case with all financial contracts, once you receive the contract, it is important to review the details. Your merchant cash advance contract will detail the amount you are expected to receive and remit, along with payment amount and frequency.
If there is any unclear information, don’t be afraid to ask us
We would rather have you ask additional questions than sign a contract that you’re confused about. Once you review and sign the contract, you can finalize the process and receive your lump sum financing!